The Submersible Pumps Market Is Estimated To Witness High Growth Owing To Increasing Demand from Agriculture and Wastewater Industries
The submersible pumps market is estimated to be valued at US$ 12308.02 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Submersible pumps are used to pump water or other liquids from one place to another in different industries such as agriculture, construction, wastewater, etc. They are compact in design and can withstand pressures up to several hundred feet. These pumps help in draining water from flooded areas, empty swimming pools and in efficient watering of crops.
Market Dynamics:
The submersible pumps market size is driven by increasing use in agriculture and wastewater industries. Agriculture is a major end user of submersible pumps owing to its requirement in irrigation of fields and supply of water for livestock. With growing population, the demand for food grains is increasing rapidly which is boosting agricultural production and subsequently increasing the demand for submersible pumps in the agriculture sector. Furthermore, strict wastewater disposal regulations in many countries have increased the use of submersible pumps in sewage removal and wastewater management. However, high initial investment and maintenance cost of submersible pumps may hinder the market growth.
SWOT Analysis
Strength: Submersible pumps have low maintenance requirements and are self-priming. They can operate continuously for long durations and are suitable for diverse applications like irrigation, mining, and water supply. Their compact design allows easy installation in narrow or confined spaces.
Weakness: Submersible pumps have high initial investment costs. They require advanced materials to withstand corrosion in harsh environmental conditions. Seal failures can occur due to wear and tear over time.
Opportunity: Rising agricultural activities and increasing focus on water conservation are fueling demand. Rapid urbanization and infrastructure development provide growth opportunities. Technological advances are making pumps more efficient and durable.
Threats: Fluctuating raw material prices may increase product costs. Growing preference for energy-efficient systems threatens demand. Intense competition among players poses pricing pressures.
Key Takeaways
The global submersible pumps market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing agricultural activities and focus on water conservation. The market size for 2023 is US$ 12308.02 Mn.
Regional analysis: Asia Pacific dominates the global market, accounting for around 35% share in 2023. Rapid industrialization and infrastructure development are driving demand. China, India, and Southeast Asian countries exhibit fastest growth due to growing agriculture sector and rising household incomes. Europe and North America continue to offer substantial opportunities due to well-established industries and replacement demand.
Key players analysis: Key players operating in the submersible pumps market are Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc. Players focus on new product launches, collaborations, and expanding regional presence to strengthen their positions.
For more insights, read- https://www.trendingwebwire.com/submersible-pumps-market-size-outlook-share-and-opportunity-analysis-2023-2030/
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